People in Germany want to avoid even more unnecessary purchases next year.
For Germany, this means: More than a third (35 percent) of those surveyed want to spend less, especially on non-food items, as shown by a representative survey of 2,000 respondents in Germany by the management consultancy Alix-Partners. Only 11 percent want to increase their spending.
Consumers want to save money in a variety of ways in the coming year. In the non-food sector, 36 percent plan to focus more on promotions and offers. More than half of those surveyed plan to stay at home more often when it comes to eating (54 percent) or entertaining (55 percent).
But don’t save on vacation
The study also showed that people would save extra money (31 percent) or spend more on travel (29 percent). Regardless of this, almost a quarter want to increase spending on travel or vacation. These priorities are particularly evident among Gen Z and Millennials.
There is also a trend among consumers towards spreading expenses over a longer period of time. This means that retailers can rely less on year-end business, the consultancy said in a statement on Tuesday. If you don’t want to be pressured into action by discount battles and be forced to make ever higher discounts, you can counteract this with data-driven and personalized offers.
“For companies in the retail sector, consumer goods companies and leisure industry companies, it’s now time to get down to business,” said Constanze Freienstein, partner at AlixPartners, in a statement on Tuesday. “If you’re not profitable, you have to put everything to the test: Where do I differentiate myself, what offer do I make to my customers?”